How is the Cloud helping media firms to strike the right balance between monetization and user experience in a mobile-first world?
With the explosion in the consumption of media in India, it has become imperative for companies to find their niche, and hold onto it. And as any other sector in the post-COVID-19 world, that means knowing your customer, and more importantly, realizing what the customer wants.
This was a key takeaway from the Media panel of the Forbes India Presents The Next Wave Of Cloud Innovation In Association With Google Cloud. The collective realization from all the speakers was that the pandemic-led lockdowns have upended the media industry in India, home to more than 1.4 billion people.
“Unlike some other advanced markets where digital is growing at the expense of the other mediums, we are actually seeing growth in India across mediums,” said Boston Consulting Group’s Mandeep Kohli. “Digital obviously is growing the fastest on the back of macro tailwinds like consumer preference for digitization across industries, the current penetration levels, but also because the industry is really making it a concerted effort,” the managing director and partner for the Technology, Media & Telecom (TMT) practice added. “In a country as large and disparate as India, there is clearly no one size fits all.”
The disruption is actually necessitating innovation, creating a new landscape for how content is created, processed, delivered, monetized and measured, Kohli said. For example, short-form video apps like TikTok, MX Player et cetera witnessed an almost nine-fold increase in monthly active users in the last five years, garnering an almost 18% share of the total digital media.
That is certainly a trend observed by Google Cloud’s Sudharshan Aravamudan. “What we have been seeing is that audiences for the past few years have certainly been starting to move away from appointment-based viewing schedules to viewing content anytime, anywhere and on any surface,” the JAPAC market development leader for Telecom Media & Entertainment at the Alphabet Inc. unit said.
With mobile penetration increasing steadily and connectivity becoming more and more affordable, over-the-top or OTT content has been gnawing at mainstream media’s market share steadily, the 20-year veteran of the industry noted. And the banning of certain market-leading apps that have had eyeballs for social and short-video consumption for a long time, has led to a sort of “land grab” in this high-growth segment, Sudharshan pointed out. “And the segment forms a snackable segment for the audience as opposed to even typical OTT streaming.”